American Homeownership Act: Restricting Corporate Landlords and Supporting First-Time Buyers
This bill aims to make home buying easier for individuals by removing tax breaks for large corporations that buy up residential properties. The resulting tax revenue will fund affordable housing construction and provide down payment assistance for first-time homebuyers.
Key points
End of tax breaks: Large owners (50+ units) and institutional investors will no longer be able to deduct interest and depreciation on residential rental properties.
Ban on sales to corporations: Federal agencies are prohibited from selling foreclosed homes or federally backed mortgages to large investors.
Homebuyer assistance: A new fund will provide grants of up to $20,000 or 10% of the purchase price for down payments and closing costs for qualified first-time buyers.
Affordable housing investment: 80% of the tax savings will be used to build and preserve affordable housing for low-income households.
Antitrust monitoring: Stricter rules will prevent single entities from controlling more than 30% of a local housing market to ensure fair competition.
Status:
Introduced
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